SEATTLE—Locally based Merrill Gardens, in a JV with an affiliate of Heitman, has purchased the West Coast Collection, which includes the recently completed Merrill Gardens of Huntington Beach, CA, Merrill Gardens at Lafayette, CA, and Merrill Gardens at Campbell, CA, as well as Merrill Gardens at First Hill, WA
Cushman & Wakefield senior housing capital markets group arranged the sale of the properties, which offer independent living, assisted living and memory care services, provide residents exceptional care in the exclusive urban markets of Orange County, San Francisco, Silicon Valley and downtown Seattle. Merrill Gardens at Lafayette is expected to close separately in late 2016.
Merrill Gardens has entered into a long-term agreement to continue operating the communities. In addition to the sale, the Cushman team arranged $145 million of long term acquisition financing, which was provided by Cornerstone Real Estate Advisers, acting on behalf of an institutional investor.
The Cushman & Wakefield team involved in the transactions included executive managing director Richard Swartz, managing director Jay Wagner, senior director Aaron Rosenzweig, senior director Michael Kane and director Timothy Hosmer.
“The competition for the portfolio was intense highlighting the strong demand for stabilized, newly constructed properties in coastal in-fill locations.” Swartz says.
“These are exceptional properties in prime urban locations—Merrill Gardens developed the Huntington Beach, Lafayette and Campbell communities and acquired the First Hill community—with the intention of holding them for the long term. We are very pleased to enter into this partnership and to continue our successful operations,” says Bill Pettit, president of the R.D. Merrill Co., parent company of Merrill Gardens.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
SEATTLE—Locally based Merrill Gardens, in a JV with an affiliate of Heitman, has purchased the West Coast Collection, which includes the recently completed Merrill Gardens of Huntington Beach, CA, Merrill Gardens at Lafayette, CA, and Merrill Gardens at Campbell, CA, as well as Merrill Gardens at First Hill, WA
Cushman & Wakefield senior housing capital markets group arranged the sale of the properties, which offer independent living, assisted living and memory care services, provide residents exceptional care in the exclusive urban markets of Orange County, San Francisco, Silicon Valley and downtown Seattle. Merrill Gardens at Lafayette is expected to close separately in late 2016.
Merrill Gardens has entered into a long-term agreement to continue operating the communities. In addition to the sale, the Cushman team arranged $145 million of long term acquisition financing, which was provided by Cornerstone Real Estate Advisers, acting on behalf of an institutional investor.
The Cushman & Wakefield team involved in the transactions included executive managing director Richard Swartz, managing director Jay Wagner, senior director Aaron Rosenzweig, senior director Michael Kane and director Timothy Hosmer.
“The competition for the portfolio was intense highlighting the strong demand for stabilized, newly constructed properties in coastal in-fill locations.” Swartz says.
“These are exceptional properties in prime urban locations—Merrill Gardens developed the Huntington Beach, Lafayette and Campbell communities and acquired the First Hill community—with the intention of holding them for the long term. We are very pleased to enter into this partnership and to continue our successful operations,” says Bill Pettit, president of the R.D. Merrill Co., parent company of Merrill Gardens.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
